Business

Jamaica National launches new Ghana money transfer brand

JN Money Services Limited (JNMS), the remittance arm of the Jamaica National Building Society, has launched its new Ghana Money Transfer brand in the United Kingdom, cementing its two-year entrance into the market of some one million Ghanaians living in the UK.

The service, which began in April 2009, formally unveiled its new brand this week (Sept 12, 2011), at a reception held at the Ghana High Commission in London.

Noted Ghanaian National Footballer and English Premier League striker on loan to United Arab Emirates, Asamoah Gyan, has agreed to be the Ghana Money Transfer brand ambassador. The brand was endorsed by His Excellency Professor Kwaku Danso-Boafo, Ghana High Commissioner, who spoke at the reception.

Earl Jarrett, General Manager of JNMS' parent company, the Jamaica National Building Society, says the statistics from the current operation provided a good basis for the company's decision to enter the Ghanaian market.

"Ghana has a population of 24 million with a Diaspora population of some 4 million who remitted approximately US$1.79 billion to Ghana in 2009. Compare this with a Jamaican population of 2.8 million and a corresponding Diaspora that sends home approximately US$2 billion of remittances annually. It is clear that there is an opportunity for the Ghanaian Diaspora of some one million persons here in the UK to grow the Ghanaian remittance numbers from the World Bank-estimated $119 million," Mr. Jarrett explained.

He added that the partnership between the Merchant Bank of Ghana (MGB) and the JNMS-owned JN Overseas UK Limited also provides an opportunity for Jamaica and Ghana to co-operate in other economic areas.

"As we begin these first steps in Ghana we go with a watchful eye for opportunities to share. In Jamaica, we have developed a very successful microfinance business, where, through small loans, we have enabled people to invest in small and micro enterprises," he said adding that the JN Group's, micro finance company, JN Small Business Loans Limited, had created 24,000 jobs for Jamaicans in its 10 years of existence.

"And we have developed a methodology which we believe we can share with our Ghanaian partners. We have also made significant advancements in the areas of information technology, insurance and road safety, and we would be more than happy to have technical exchanges in these areas," Mr. Jarrett continued.

He noted that the partnership also created opportunities for Ghana to build stronger linkages with the UK. "This also illustrates the complexity of migration and globalization; and therefore, it is important to recognise that the end result of all of this must be the improvement of the quality of life and the development of our resources," he said.

Leesa Kow, General Manager of JNMS noted that the partnership with MGB has yielded several benefits for both companies over the past two years.

"Following the implementation of a number of marketing strategies, we continue to experience a growth in the use of remittance services to Ghana," Ms. Kow disclosed.

"And, we anticipate that the endorsement by Asamoah Gyan, who continues to represent his country with pride in sports, will enable us to expand our services even further throughout Ghana and broaden the possibilities of creating other tangible synergies with our brothers and sisters in the African nation," she added.

Asamoah Gyan scored three goals in last year's World Cup Championship in South Africa, contributing to Ghana's finish in the quarter final round of the competition.